When a partner retires from a partnership and the retiring partner is paid more than the capital balance in her account, which of the following explains the difference?I. The retiring partner is receiving a bonus from the other partners. II. The retiring partner's goodwill is being recognized.
A. I only
B. II only
C. Neither I nor II
D. Either I or II
Answer: D
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If the parties agree on the amount of damages that will be paid to the injured party, this amount is known as ________.
A. liquidated damages B. registration expenses C. remedial agreements D. consequential damages
Placing graphic material in the appendix is
a. recommended when the graphics would make the discussion complicated to follow. b. recommended the majority of the time to simplify text preparation. c. not recommended if the information is quantitative. d. never recommended.
A marketing professor maintains a museum of failed consumer products. Most new products in this museum were tested in Ithaca, New York but failed. Likely, the marketers were testing the products during the ________ stage of new product development.
A. test marketing B. pretesting C. concept testing D. product development E. product launch
Bob rented a lawn mower from Scott Rentals. The lawn mower wheel was loose when Bob picked up the mower. When he began to use it, the wheel fell off, causing the mower to tip over onto his foot. Under what theory can Bob hold Scott liable for his injuries?
a. Breach of warranty of merchantability. b. Strict liability in tort for a defective condition. c. Both of these are applicable. d. Neither theory is applicable to leases.